THE ENTREPRENEUR Vol.1 Post 4

For your small business to succeed, you need to know almost as much about your competitors as you do about your own company and customers. Unfortunately, many small business owners make the mistake of waiting until a competitor has opened up shop across the street and is cutting into profits to find out who and what they're up against.

A competitive analysis allows you to identify your competitors and evaluate their respective strengths and weaknesses. By knowing the actions of your competitors, you will have a better understanding of what products or services you should offer; how you can market them effectively; and how you can position your business.

Let’s quickly answer the last 4 question out of the 14 top questions asked by small business startups.

14 Questions Asked By Small Business startups (Contd.)

Q11. Can I operate a business from my home?

      Yes. In fact, experts estimate that as many as 20 percent of new small business enterprises are operated out of the owner's home.

Q12. How do I set up the right record-keeping system?

      The kind of records and how many you need depend on your particular operation. When deciding what is and is not necessary, keep in mind the following questions:

      1. How will this record be used? 2. How important is this information likely to be?

      3. Is the information available elsewhere in an equally accessible form?

Q13. What business should I choose?

      Usually, the best business for you is the one in which you are most skilled and interested. As you review your options, you may wish to consult local experts and businesspersons about the growth potential of various businesses in your area. Matching your background with the local market will increase your chance of success.

It’s also an option to start a business you are not familiar with. But in this case you must be ready to spend a lot of time learning about it before you begin. Remember that it’s a lot harder to make a success of a business you don’t like and it’s just as unlikely you’ll like something you are not good at. So make sure you know almost everything about the business especially when you are not familiar with it. You tend to enjoy the business when as you know more about it.

Q14. Why is self motivation important?

I believe self motivation is more important than your business plan or funding or even business skills because motivation can drive you to get all these things. Motivation is something you either have or haven’t got. Successful business people have it, without exception. Frustrated business people don’t have it.

Regular short breaks are advisable to maintain motivation and in keeping ideas fresh. The funny thing is that we are entrepreneurs and innovators. So even while on breaks and lounging in a deckchair we may well be thinking about work.

I want to believe that the answers to these 14 questions must have given an answer to at least one question that has being on your mind.

I will be starting something fresh on my next post and I know you don’t want to miss it.

Watch out for my next post.

Feel free to post a comment or a question… your comments and questions will help me serve you better.

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THE ENTREPRENEUR VOL.1 POST 3

From my previous post I told you that entrepreneurs are some of the most powerful individuals in the society, not just because of their wealth, but because the kind of habits and characters they possess ensures that they are successful in whatever they set their mind to do.

Most people overvalue ideas and being first. I'm glad to let you know that you don’t have to be first to have a good business, and you don’t necessarily have to be unique. The simple foundation of giving your customers a good value is far more important than being first or unique. Give good value for every amount spent, and that will build your business and word-of-mouth advertising.

Let us go back to our 14 top questions asked by small business startups in the last post. So let’s continue…

(To read the previous posts please click on the post you want to read on the blog archive menu on the top right corner of this blog... Thanks )

14 Questions Asked By Small Business startups (Contd.)

Q6. What makes a successful marketing strategy?

First thing you need to know is that a strategy is a carefully devised plan of action to achieve a goal, or the art of developing or carrying out such a plan. So when creating a marketing strategy, keep in mind what is popularly called the “four P‘s” of marketing: PRODUCT: What product or service will your business offer? How is your product better than those offered by your competitors? Why will people buy your product? PRICE: How much can you charge? How do you find the balance between ,sales volume and price to maximize income. PROMOTION: How will your product or service be positioned in the marketplace? Will your product carry a premium image with a price to match? What kind of advertising and packaging will you use? PLACE: Which sales channel will you use? Will you sell online or will your product be carried in retail outlet? Which channel will economically reach your market? The  marketing strategy should summarize your findings about the key target buyer description, the market segment the company will compete in, the unique positioning of the company and it’s product compared to the competition, and so many others that you can think of. Q7. Is location an important aspect of my business? Well if you are not operating a home based business then location is one of the most important aspects of your business. Q8. Why is there competition? The truth is that there is no business operating without competition. It will either be a direct or an indirect competition. Direct and indirect competitors try to convince consumers to buy their products or services instead of yours. I’ll advice you to know the strengths and weaknesses of your competitors. Then adopt some of their strategies you admire and avoid their mistakes. Q9. How can I improve customer service in my business? I want you to know that no matter the kind or type of business you are into, quality customer service is very important. So try to develop a strategy that puts your customers first. Let them receive the best possible service. I do not agree to the fact that you have to be lenient with your policies to have a good customer service. But make sure you make room for flexibility. Just remember, a lost customer could spread the word of his discontent, resulting in more lost customers. Q10. If I am not applying for a loan from a bank, why do I need a business plan? The truth is this, the fact that banks and other lending institutes require a well-executed business plan is a secondary consideration when writing a business plan. The primary purpose of writing a business plan is to guide the owner or manager in successfully operating the business. Preparing the plan forces the owner to consider all aspects of the business and to confront any problems the plan highlights. In my next post I’ll be answering the last four questions. Thanks for reading this blog. To be continued… Keep winning even in tough times. Watch out for my next post. Feel free to post a comment… If you have not joined the group of entrepreneurs on facebook then I ‘m sorry to say you may be missing out on a lot of things. Join us now on Facebook To get notified whenever there is a new post, I’ll advice you to subscribe to this blog by clicking on the link (Subscribe to post) below. If you like this blog, make sure you share with your friends on facebook or twitter by clicking on the SHARE link below or the top right corner.

THE ENTREPRENEUR Vol 1. Post 2.

Believe me or not entrepreneurs are some of the most powerful individuals in the society, not just because of their wealth, but because the kind of habits and characters they possess ensures that they are successful in whatever they set their mind to do. That is why as an entrepreneur, you must strive to be above average and be the best in whatever you are doing. I believe everyone has the ability to be the best in whatever he or she is doing.

Remember we started answering 14 top questions asked by small business startups in the last post. So let’s continue…

14 Questions Asked By Small Business startups (Contd.)

(Note: Please if you did not see my first post kindly click on the archive "THE ENTREPRENEUR  Vol 1. Post 1." by the right side)

Q3. Why is business plan important and who should write it?

A business plan is important because it’s a kind of summary for both your vision for your company and your blueprint for the company’s operating success.

Who should write the plan? I believe you, the entrepreneur because no one else knows your business idea and goals better. But if you still can’t write it yourself there are services that can do that for you.

Q4. How do I determine my start-up costs and other expenses?

It is wise to find out what start-up costs you will incur before starting the business. Many promising entrepreneurs takes his or her life savings, or will borrow on the equity on their home before figuring out these financial factors, only to find that they don’t have enough money. There are many websites and other resources that provide guidelines and worksheets to help determine costs for your business. Each item on your proposed budget sheet should be researched. Closely estimated cost can be obtained from utility companies, trade associations, shopping and networking with other business people who may have already gone through his experience. Do not start buying until the investigation shows this venture is viable and you have all the information needed.

Q5. How can I better market my business?

To market your idea or business, you must first define your customer but to maintain consistent sales growth, you must become knowledgeable about your market.

Develop an outline of your typical consumer:

·         Where do the consumers come from?

·         What are your consumers buying patterns?

·         Why should they buy from you? (Trust, price, quality e.t.c.)

·         How much are your targeted consumers earning right now and how much are they willing to spend?

·         Are they in a hurry?

·         Do they have time to read your lengthy sales letter?

You can keep the questions going…

Try to take note of how your competitors market to their consumers perhaps you can find what to adopt or what not to do.

To be continued…

Keep winning even in tough times.

Watch out for my next post.

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THE ENTREPRENEUR Vol. 1 Post 1

THE ENTREPRENEUR

Who is truly an entrepreneur?

I believe that you have heard the word “ENTREPRENEUR” so many times and that is if you are not calling yourself an entrepreneur already… but have you for once asked yourself who an entrepreneur truly is? I discover that so many people make use of words that they don’t really understand and I don’t want you to be among those set of people especially when it’s the word “ENTREPRENEUR”. So this blog is basically for that entrepreneur who wishes to a high flier in his time.

So let’s get started…

An Entrepreneur is one who assumes the responsibility and the risk for a business operation with the expectation of making a profit. The entrepreneur generally decides on the product, acquires the facilities, and brings together the labor force, capital, and production materials. If the business succeeds, the entrepreneur reaps the reward of profits; if it fails, he or she takes the loss. (According to Microsoft ® Encarta ® 2009. © 1993-2008 Microsoft Corporation. All rights reserved.)

We can also say an entrepreneur is a risk-taking businessperson: somebody who initiates or finances new commercial enterprises.

I still have a lot of definitions for you but I don’t want to just pour all down once so you won’t get confused.

I’ll want you to just know this two for now till my next post on this blog.

WAIT… before you go I want to quickly answer 14 questions asked by Small Business Startups

14 Questions Asked By Small Business startups

Q1. What kind of person makes up a successful entrepreneur?

I want to believe you’ve asked yourself this question before. Well Research of successful entrepreneurs has documented that successful small business people have certain common characteristics. This checklist cannot predict success, but it can give you an idea of whether you will have a headstart or a handicap with which to work. So, how do you measure up?

Ask yourself these questions:

I. Can I persevere through tough times?

II. Do I have a strong desire to be my own boss?

III. Do I have the ability to conceptualize the whole of a business?

IV. Do I possess the high level of energy, sustainable over long hours, to make a business successful?

V. Do I have significant specialized business experience?

VI. Do the judgments I make in life regularly turns out well?

Don’t feel bad if your answer to some of the questions are “no” because you can make up your mind today to turn those “NOs” to a “YES” by developing yourself in those directions.

Q2. How do I determine whether I am capable of starting a business?

Successful small business owners have many things in common. Below are some of the qualities you will need to be successful.

I. Proactive: Business leaders do not wait for opportunities to slip into their hands. They instinctively partake in continuous research (or pay someone else to) to always make sure they have some new directions to be exploring. Successful business owners are never happy or even comfortable staying in one place, but are always looking for the next new idea.

II. Optimism: An average person may say, “There are pro’s and con’s here… let’s weigh things up before we act”. However, the successful business owner says, “The pros are significant enough to pursue this; we will resolve the con’s as we move on.” Being optimistic is a crucial habit for entrepreneurs, because it is the only way to deal with the amount of risk involve in starting a business.

III. Leadership ability: You will be the one everyone turns to for answers. Are you ready to give them solutions? Leadership is all about influence.

To be continued…

Keep winning even in tough times.

Watch out for my next post.

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